Are you looking to make some extra cash? Bitcoin is a great way in which you can earn a nice profit. Most of you think that mining and investing in the cryptocurrency are the only ways through which you can earn money, but there are various other methods that can generate an income.
Set up a Bitcoin Faucet
One method of making money off of Bitcoin is by setting up a Bitcoin faucet. Bitcoin faucets are websites that supply you with free BTC for solving a captcha or visiting another site once every few hours.
You can build your faucet in two ways: either by custom coding or buying a website. Once your faucet was set up, before you activate it you need to fund it so you can send rewards to people. These rewards are small amounts of bitcoins that are automatically given to the site’s users, but you will be gaining more revenue through the ads you’ve put up on your site.
You can earn from $50 to $800 a month by running a faucet.
Set up a Bitcoin Website
Another underrated opportunity to make a buck is by starting your bitcoin information site. It is a passive way in which you can earn income. This type of website basically explains the basics and how-tos to new bitcoin users, and you make money from your ads and affiliate links.
The oldest way to obtain bitcoin is through mining. Mining is the process through which the cryptocurrency is created, and it involves solving complex algorithms that create blocks which are then added to the public ledger. A public ledger is the history of all transactions that involved bitcoins.
As miners build the public ledger and create new blocks, they are rewarded with new bitcoins. To mine, you need to invest in special mining hardware that can keep up with the increasing mining difficulty. If you do not invest in expensive mining equipment, you will not be able to mine efficiently and reap a hefty reward. There is an option for those that cannot afford to spend money on mining rigs, by joining mining pools that gather the processing power of multiple computers.
Investing- Buying and Trading
The simplest way to invest in Bitcoin is to go and buy some. Today there are many companies that are involved in the business of buying and selling bitcoins. You will need a bitcoin wallet and a cryptocurrency exchange through which you can purchase them.
Another way in which you can purchase bitcoins is by meeting with prospective sellers in person. There are apps that lets you set up meetings with sellers from your area to basically “trade” fiat currency with bitcoins.
Although you can trade through exchanges, there are trading platforms that were built to act as a broker. Through it you can take advantage of the highs and lows in the cryptocurrency’s value and buy and sell when you think it’s the best time.
Some traders apply a long term strategy, by buying and holding bitcoin for a long period of time with the belief that it will grow in value. Since the bitcoin supply is limited, it will not be subjected to inflation in the future, meaning that its value should increase in time.
Others opt for a short term strategy in which they take advantage from the cryptocurrency’s volatile nature. They buy when there is a short and abrupt dip and sell when it peaks again in value.
Sell product and services
You can earn money by selling products and services by accepting bitcoin as payment. As with any business, you will have to expose your business’ products and services to the public. If you are already in marketing, you should think of accepting bitcoin as payment. The cryptocurrency provides a wide variety of entrepreneurial opportunities as the digital currency lets merchants conduct their businesses in a cheaper and faster manner.
There are a lot of opportunities that can let you earn capital through bitcoin. Whether you mine, invest or set up your own site, there are many ways that bring you income.